more on leaseholds

Posted by on Apr 12, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling | 0 comments Because of experience in the past, where pubs changed hands – sometimes several times in quick succession – without repair work being done, so running down the estate, Enterprise Inns (for one pubco) now arranges for a schedule of outstanding repairs to be prepared, and usually requires the outgoing tenant to carry out those repairs before the change of ownership can proceed –...
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Leasehold pubs

Posted by on Apr 12, 2009 in Blogs, business, buying, buying-pubs, English Pub, law, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments Stage 10 in my overview of pub sale and purchase procedure: ” If the pub is leasehold, it is normal that the landlord’s consent to the transfer of the lease to the buyer is needed. Whatever timescale the buyer and seller have agreed, this is subject to the need to get “licence to assign” first. Usually, the procedure for this will have been started at stage 1, so that...
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Stages 8 and 9: Exchanging contracts

Posted by on Apr 4, 2009 in Blogs, buying-pubs, English Pub, legal, legal-procedure, pub-buying, pub-sale | 0 comments Once the contract wording is agreed, the buyer’s finances are in place, satisfactory search results have been received and satisfactory replies to enquiries have been given, the buyer and the seller cansign their copies of the contract and return them to their solicitors – in the buyer’s case with a deposit (usually 10% of the purchase price). This is the time to raise any...
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Stage 7: Money, money, money

Posted by on Mar 24, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments While all the legal investigations are being dealt with, the buyer needs to get his or her finances in place, ready to – (a) pay a deposit (usually ten per cent of the purchase price) on exchange of contracts and (b) pay the rest of the purchase money, plus legal expenses, plus the stock value, on completion As exchange of contracts and completion often take place on the same day, the...
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Stage 6 – agreeing the contract terms

Posted by on Mar 15, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments When the seller’s solicitor prepared the draft contract, it will have included the obvious terms (eg: price) and terms to protect the seller (eg: an indemnity by the buyer in respect of post-completion debts of the business), but not necessarily any terms to protect the buyer (eg: non-competition clauses by the seller). It is the buyer’s solicitor’s job to make sure the...
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White Dog at Ewhurst Green

Posted by on Mar 10, 2009 in beer, Blogs, English Pub, food, pubs | 0 comments As this blog is about pubs, I should mention here the truly excellent meal I had on Friday evening at the White Dog, now run by Bill and Jacqui Tipples – gorgeous Rye Bay scallops to start, and pork saltimbocca as a main course; truly excellent food! The beer wasn’t bad, either: Fuller’s London Pride and a well-kept pint of Harvey’s Sussex bitter All-in-all, a...
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